uniswap

Bitwise has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a spot Uniswap ETF, marking the first formal attempt to bring Uniswap’s native token into an exchange-traded fund structure.

Key takeaways:
Bitwise has submitted an S-1 filing for a spot Uniswap (UNI) ETFThe proposed fund would track UNI directly, without derivativesStaking will not be enabled at launch, though this could change laterCoinbase Custody is listed as the custodian if the ETF is approved
The filing formally initiates the regulatory review process and signals growing interest in expanding spot crypto ETFs beyond Bitcoin and Ethereum into DeFi-related assets.
First formal attempt to bring UNI into a spot ETF
According to the filing, the ETF would hold UNI tokens directly, offering investors regulated exposure to Uniswap without the need for self-custody or interaction with decentralized protocols. While staking is excluded at launch, Bitwise noted that future amendments could allow staking participation if regulatory conditions permit.
If approved, custody of the UNI tokens would be handled by Coinbase Custody Trust Company, consistent with the structure used by several existing spot crypto ETFs. The product would therefore align with institutional custody and compliance standards already familiar to traditional investors.
The move reflects a broader push by asset managers to diversify crypto ETF offerings, even as regulatory scrutiny remains high. While approval is far from guaranteed, the S-1 filing places UNI among the leading candidates for the next wave of spot crypto ETFs in the US.
UNI price action amid broader market weakness
At the time of writing, UNI is trading at approximately $3.32, posting a 0.72% intraday gain, despite remaining under pressure on higher timeframes. The token is down 8.09% over the past seven days and 21.73% over the last month, reflecting broader weakness across the crypto market.
Uniswap’s market capitalization currently stands near $2.1 billion, with 24-hour trading volume around $702 million, indicating continued liquidity despite recent declines. How UNI responds in the coming weeks may depend not only on broader market conditions, but also on how investors price in the possibility-however uncertain-of eventual ETF approval.
#uniswap

1. Core Project Overview
#UNISWAP is a leading global decentralized exchange (DEX), operating based on the Ethereum automated market maker (AMM) mechanism. Its native token UNI is an ERC-20 type governance token, with a fixed total supply of 1 billion tokens. As of January 2026, the circulating supply of UNI is approximately 750 million tokens (75% of total supply), with a circulating market cap of 4.2 billion to 5.4 billion USD, consistently ranking in the top ten by market cap in the DeFi space.

Uniswap's core positioning is as "Web3 liquidity underlying infrastructure". As of Q1 2025, its total locked value (TVL) reaches 5.12 billion USD, with a trading volume of 84.5 billion USD in the last 30 days, and an annual protocol fee of approximately 26 million USD. It has long maintained over 60% of the global DEX market share, serving as an indispensable trading hub in the Ethereum ecosystem.